1018
PUBLIC LAW 86-781-SEPT. 14, 1960
[74 S T A T.
SEC. 2. The first sentence of paragraph (1) of section 6416(b) of 26 USC 6416. YiQ Internal Revenue Code of 1954 (relating to credits or refunds for price readjustments) is amended by inserting after "or allowance," the following: "including (in the case of a tax imposed by chapter 32) a readjustment for local advertising (but only to the extent provided in section 4216(f)(2) and (3)), ". SEC. 3. The amendments made by this Act shall apply with respect to articles sold on or after the first day of the first calendar quarter beginning more than twenty days after the date of the enactment of this Act. ^^mnerais and gj,^ 4 Subsection (c) of section 302 of the Public Debt and Tax Percentage de- Rate Extcusion Act of 1960 (Public Law 86-564; 74 Stat. 293) is pietion. amended to read as follows: " (c) EFFECTIVE DATE.—
"(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by subsections (a) and (b) shall be applicable only with respect to taxable years beginning after December 31, 1960. "(2) CALCIUM CARBONATES, ETC.— " (A) ELECTION FOR PAST YEARS.—In the case of calcium
carbonates or other minerals when used in making cement, if an election is made by the taxpayer under subparagraph
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26 USC 7405.
^p^ubiication in
" (i) the amendments made by subsection (b) shall apply to taxable years with respect to which such election is effective, and "(ii) provisions having the same effect as the amendments made by subsection (b) shall be deemed to be included in the Internal Revenue Code of 1939 and shall apply to taxable years with respect to which such election is effective in lieu of the corresponding provisions of such Code. " (B) YEARS TO WHICH APPLICABLE.—An election made under subparagraph (C) to have the provisions of this paragraph apply shall be effective for all taxable years beginning before January 1, 1961, in respect of which— " (i) the assessment of a deficiency, "(ii) the refund or credit of an overpayment, or "(iii) the commencement of a suit for recovery of a refund under section 7405 of the Internal Revenue Code of 1954,
is not prevented on the date of the enactment of this paragraph by the operation of any law or rule of law. Such election shall also be effective for any taxable year beginning before January 1, 1961, in respect of which an assessment of a deficiency has been made but not collected on or before the date of the enactment of this paragraph. " (C) T I M E AND MANNER OF ELECTION.—An election to have the provisions of this paragraph apply shall be made by the taxpayer on or before the 60th day after the date of publication iu the Federal Register of final regulations issued under authority of subparagraph (F), and shall be made in such form and manner as the Secretary of the Treasury or his delegate shall prescribe by regulations. Such election, if made, may not be revoked. "(D)
STATUTES
OF LIMITATION.—Notwithstanding
any
other law, the period within which an assessment of a deficiency attributable to the application of the amendments made by subsection (b) may be made with respect to any \
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